Bulgaria's Current Account Gap at 612.4 mln Euro in Jan-May

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Bulgaria's Current Account Gap at 612.4 mln Euro in Jan-May

Bulgaria's Current and Capital account deficit stood at EUR 612.4 million (1.8% of GDP) in the period January - May 2010, against a deficit of EUR 2,069.3 million (6.1% of GDP) for January - May 2009, data of the Bulgarian National Bank show.

In May 2010 the Current account was negative and amounted to EUR 3.8 million. In May 2009 the current account was also negative - EUR 366.2 million. Main factors for the decrease of the current account deficit compared to May 2009 were the lower deficits on trade balance (by EUR 138 million) and on income balance (by EUR 83.2 million), as well as the higher (by EUR 87.9 million) current transfers balance. In the period January - May 2010, the current account deficit was EUR 708.9 million (2% of GDP), against a deficit of EUR 2,365.7 million (7% of GDP) for January - May 2009. The factors for the current account deficit decrease were the lower deficits on trade balance (by EUR 814.7 million), on income balance (by EUR 354 million), as well as the higher (by EUR 274.5 million) current transfers balance and the higher by (EUR 213.6 million) service balance.

The trade deficit in January - May 2010 amounted to EUR 1,234.8 million (3.5% of GDP), compared to a deficit of EUR 2,049.5 million (6.1% of GDP) for January - May 2009. In May 2010 it amounted to EUR 297.3 million, compared to a deficit of EUR 435.3 million for May 2009.

Exports (FOB) in January - May 2010 amounted to EUR 5,396.4 million against EUR 4,419 million for January - May 2009, which is a growth rate of 22.1% yoy against a decrease yoy of 30.4% for January - May 2009. In May 2010 exports (FOB) was EUR 1,212.3 million against EUR 905.8 million for May 2009. They increased by 33.8% yoy against a decrease yoy of 31.6% in May 2009. Imports (FOB) in January - May 2010 amounted to EUR 6,631.3 million, against EUR 6,468.6 million for the January - May period in 2009, increasing by 2.5% yoy against a decrease yoy of 33.2% for January - May 2009. In May 2010 imports (FOB) amounted to EUR 1,509.6 million, against EUR 1,341.1 million in May 2009, increasing by 12.6% yoy against a decrease yoy of 37% for May 2009.

The balance on the Services item in January - May 2010 was positive, amounting to EUR 241.1 million, against a positive balance amounting to EUR 27.5 million for January - May 2009. In May 2010 the balance on the item was positive amounting to EUR 112.9 million compared to a positive balance of EUR 59.7 million for May 2009.

Income (net) item in January - May 2010 was negative amounting to EUR 452.3 million compared to a negative item of EUR 806.2 million for January - May 2009. In May 2010 the balance on the item was also negative - EUR 48 million against a negative balance of EUR 131.3 million for May 2009.

Net Current transfers in January - May 2010 amounted to EUR 737 million (2.1% of GDP) against EUR 462.5 million (1.4% of GDP) for January - May 2009. In May 2010 the item Current transfers, net was positive amounting to EUR 228.6 million against a positive item of EUR 140.7 million for May 2009.

The Capital account3 balance in January - May 2010 was positive amounting to EUR 96.5 million, compared to a positive balance of EUR 296.4 million for January - May 2009.

The Financial account balance in January - May 2010 was negative amounting to EUR 998.9 million, compared to a positive balance of EUR 398.5 million for January - May 2009.

Foreign direct investment abroad in January - May 2010 was EUR 29 million against EUR 29.5 million for January - May 2009. Foreign direct investment in Bulgaria4,5 was EUR 253 million (0.7% of GDP) against EUR 1,211.1 million (3.6% of GDP) for January - May 2009. The direct investment covered 35.7% of the current account deficit against 51.2% for January - May 2009.

Portfolio investment - assets in January - May 2010 increased by EUR 71.3 million, compared to an increase of EUR 436.6 million for January - May 2009.

Portfolio investment - liabilities in January - May 2010 decreased by EUR 107.4 million. In the period January - May 2009, they decreased by EUR 61.8 million. In May 2010 portfolio investment - liabilities decreased by EUR 84.6 million against an increase of EUR 22.5 million in the same month of 2009.

Other investment - assets in January - May 2010 decreased by EUR 282.7 million, compared to an increase of EUR 20.5 million for January - May 2009. In May 2010 other investment - assets decreased by EUR 334.9 million, compared to an increase of EUR 6.7 million in May 2009. Other investment - liabilities in January - May 2010 decreased by EUR 1,311.7 million against a decrease of EUR 273.4 million for January - May 2009. In May 2010 other investment - liabilities decreased by EUR 388.6 million, compared to an increase of EUR 195.6 million in May 2009.

The item Net errors and omissions in January - May 2010 was positive, amounting to EUR 543.9 million. For January - May 2009 the item was also positive - EUR 636.4 million.

The Overall balance in January - May 2010 was negative, amounting to EUR 1,067.5 million compared to a negative overall balance of EUR 1,034.4 million for January - May 2009.

In the period January - May 2010 the BNB reserve assets6 decreased by EUR 1,067.5 million. In May 2010 they increased by EUR 12.3 million.

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